Pacific Nickel Mines Limited (AU:PNM) has released an update.
Pacific Nickel Mines Limited focused on accelerating production at the Kolosori Nickel Project in the June 2024 quarter, aiming to achieve a 1.5 million tonnes per annum rate and capitalize on higher-grade nickel ore for improved pricing. However, operations faced setbacks due to unusual wet weather and equipment issues, prompting a temporary hold on the project and leading to a trading halt and voluntary suspension as the company seeks financing solutions with Glencore amidst a weakening nickel price forecast.
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